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What are your thoughts ?

 
Old 05-09-2018, 10:42 AM
  #11  
 
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I think they have a bit of a point. But by the same token you cant use a challenge as an excuse to opt out of trying.

the gap between salary and house prices has risen, I recall a stat about housing stock built for 3 generations now accommodating 4

We parents have a big role in educating rather than underwriting imo
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Old 05-09-2018, 12:37 PM
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Originally Posted by Nottm_S2 View Post
I think they have a bit of a point. But by the same token you cant use a challenge as an excuse to opt out of trying.

the gap between salary and house prices has risen, I recall a stat about housing stock built for 3 generations now accommodating 4

We parents have a big role in educating rather than underwriting imo
my first property was a bedsit (aka studio now)

my experience of the generation of which you speak is that most turn their nose up at the idea of such a small property

just as they do at the idea of an old car or a secondhand telly and God forbid anything less than an iphone

I just did a quick search in Southampton, Slough, Leeds and Glasgow

all places with plenty of employment and plenty of flats under £150K

or if they simply MUST work in London, then one bed flats in Crawley are available for well under £150K

of course, the little darlings will have to commute - just like hundreds of thousands of other people who would also like to live in Islington or a Docklands high rise

the 'problem' is massively overstated

and also conveniently ignores/discounts the inheritances this generation will benefit from
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Old 05-09-2018, 01:28 PM
  #13  
 
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Whilst I agree with some of your thoughts Gad the gap between salary and property has widened

My first place cost me double my salary in '98 when I was in my late 20s having left London.. I doubt many 30 year olds in Nottm earn the £55k it would take to match my position back then and that is a factor

Inheritance is all well and good and possibly late

Attitudes I can't account for..
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Old 05-09-2018, 10:27 PM
  #14  
 
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The gap between salaries and property has certainly widend - my 1st flat (Selsdon, south of Croydon) was £32k, roughly 2.5x my salary at the time.

My eldest would be looking in the area you know well Pete - mid Sussex, so Crawley area offering the most affordable properties at ~£150k - 5-6x his salary . Quite daunting, but he is still going for it .
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Old 05-10-2018, 01:15 AM
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Young people's expectations are certainly a problem. We bought our first flat in Hanwell, West London in the early 00's. I was 25 and my girlfriend (who became my wife) was 27. We couldn't afford to buy in Ealing where we'd been renting, so be bought a flat in really poor condition in the area nearest to where we wanted to live. We then did it up.

We had no proper kitchen or bathroom for the first 6 months but made do. We even went without a toilet for a couple of weekends whilst we were doing up the bathroom. I actually had a car at the time, but it was a 8 year old and i maintained it myself.

Neither of us earned much at the time. ISTR i earned around £25k per annum and my wife around £20k. Rent and then mortgage payments were by far our biggest outgoing.

Looking at similar properties in the same area and scaling up the salaries to allow for inflation, the multipliers are still much the same. If i was in the same position now and had the same salary adjusted for inflation, i could still afford to buy a property similar to what we bought 18 years ago. However, the current generation seems much less prepared to make accept the compromises that we did made in order to be able to afford to buy and do up a property. They'd rather just stay at home with their parents and spend the greatest part of their disposable income on finance and insurance payments for a decent car.
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Old 05-10-2018, 10:51 AM
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Originally Posted by lower View Post
Young people's expectations are certainly a problem. We bought our first flat in Hanwell, West London in the early 00's. I was 25 and my girlfriend (who became my wife) was 27. We couldn't afford to buy in Ealing where we'd been renting, so be bought a flat in really poor condition in the area nearest to where we wanted to live. We then did it up.

We had no proper kitchen or bathroom for the first 6 months but made do. We even went without a toilet for a couple of weekends whilst we were doing up the bathroom. I actually had a car at the time, but it was a 8 year old and i maintained it myself.

Neither of us earned much at the time. ISTR i earned around £25k per annum and my wife around £20k. Rent and then mortgage payments were by far our biggest outgoing.

Looking at similar properties in the same area and scaling up the salaries to allow for inflation, the multipliers are still much the same. If i was in the same position now and had the same salary adjusted for inflation, i could still afford to buy a property similar to what we bought 18 years ago. However, the current generation seems much less prepared to make accept the compromises that we did made in order to be able to afford to buy and do up a property. They'd rather just stay at home with their parents and spend the greatest part of their disposable income on finance and insurance payments for a decent car.
Indeed

Contrast that with a 25 yo with whom I am well acquainted

Professionally qualified, drives a Cayman, regular luxury holidays, TOWIE lifestyle, vast wardrobe, DIY incompetent, renter

No interest in buying, considers property too expensive

Go figure
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Old 05-10-2018, 10:56 AM
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Originally Posted by BSM139 View Post
Question : i read a story on the internet & it got me thinking. if you have kid(s) who are on a well paid job living with you, do you think it's fair for the kids to pay a contribution towards the bills or as they're your kids, they should be able to live with you totally free of charge, especially if you're not well off yourself ?

Interested to hear people's comments .

For clarification : This is not me, as I have no kids, and I own my own home.

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Every kid should move out on their own and not expect their parents, regardless of wealth, to pay for anything. Any help beyond the age of adulthood should be viewed as a blessing, not an entitlement. Helping them out when they are in need is one thing, but living free while making a paycheck is no way to teach independence. And one day us parents will be in the ground, if they have not been pushed to learn to be independent, then we have done them a dis-service by "helping" them the whole way through life.

Again, if kids are in school, lost a job, etc and need help, that is part of what family is for. But just living at home for free without having to pay any rent, just because they can, is a sure fire way to make them dependent on your forever.
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Old 05-11-2018, 07:18 AM
  #18  
 
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My first studio flat was bought with a 3.8 multiple mortgage, at a time of relatively high interest rates.

The only advantage was that we had endowment mortgages back then.

And crazy rates of property price inflation.

I'd have bought more if I could...

Couldn't wait to get away from the folks, either.
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Old 05-12-2018, 05:19 PM
  #19  
 
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Originally Posted by gaddafi View Post
Indeed

Contrast that with a 25 yo with whom I am well acquainted

Professionally qualified, drives a Cayman, regular luxury holidays, TOWIE lifestyle, vast wardrobe, DIY incompetent, renter

No interest in buying, considers property too expensive

Go figure
DIY is certainly not a surprise but the likely level of debt is incredible and also plain stupid.

there are many people scrabbling for the 7% they might get on BTL but these chumps are happy to stump that up to have that car right now.. makes no sense to me but then i am a tightwad, by their standards i should be running a fecking £500k car with some tick

Agree with engineers sentiment, its a parents job to teach this stuff, not to be a friendly banker

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